Fair Value (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value [Abstract]

Assets and Liabilities Measured at Fair Value

The following tables summarize the carrying value and estimated fair values of the Company’s financial assets and liabilities and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value for the periods indicated.

December 31, 2022			Fair Value Measurements
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Financial Assets:
Cash and cash equivalents	$	588,257	$	588,257	$	-	$	-	$	588,257
Available-for-sale debt securities		152,864		4,964		147,900		-		152,864
Held-to-maturity debt securities		844,953		-		661,167		42,534		703,701
Non-marketable securities		15,549		-		-		15,549		15,549
Loans and leases, net		3,445,476		-		-		3,335,042		3,335,042
Bank-owned life insurance		73,038		73,038		-		-		73,038
Financial Liabilities:
Total deposits	$	4,759,269	$	-	$	4,427,869	$	323,572	$	4,751,441
Subordinated debentures		10,310		-		12,211		-		12,211

December 31, 2021			Fair Value Measurements
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Financial Assets:
Cash and cash equivalents	$	715,460	$	715,460	$	-	$	-	$	715,460
Available-for-sale debt securities		270,454		10,214		260,240		-		270,454
Held-to-maturity debt securities		737,052		-		681,588		44,446		726,034
Non-marketable securities		15,549		-		-		15,549		15,549
Loans and leases, net		3,176,170		-		-		3,179,857		3,179,857
Bank-owned life insurance		71,411		71,411		-		-		71,411
Financial Liabilities:
Total deposits	$	4,640,152	$	-	$	4,247,666	$	391,732	$	4,639,398
Subordinated debentures		10,310		-		6,890		-		6,890

Assets Measured at Fair Value on a Recurring and Non-recurring Basis

The following tables present information about the Bank’s assets and liabilities measured at fair value on a recurring and non-recurring basis and indicate the fair value hierarchy of the valuation techniques utilized by the Bank to determine such fair value for the periods indicated.

December 31, 2022			Fair Value Measurements
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Fair valued on a recurring basis:
Debt securities available-for-sale
U.S. Treasury notes	$	4,964	$	4,964	$	-	$	-	$	4,964
U.S. Government-sponsored securities		4,427		-		4,427		-		4,427
Mortgage-backed securities		132,528		-		132,528		-		132,528
Collateralized mortgage obligations		1,054		-		1,054		-		1,054
Corporate securities		9,581		-		9,581		-		9,581
Other		310		-		310		-		310
Fair valued on a non-recurring basis:
Collateral dependent loans	$	14,473	$	-	$	-	$	14,473	$	14,473
Other real estate owned		873		-		-		873		873

December 31, 2021			Fair Value Measurements
(Dollars in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total Fair Value
Fair valued on a recurring basis:
Debt securities available-for-sale
U.S. Treasury notes	$	10,089	$	10,089	$	-	$	-	$	10,089
U.S. Government-sponsored securities		6,374		-		6,374		-		6,374
Mortgage-backed securities		251,120		-		251,120		-		251,120
Collateralized mortgage obligations		2,436		-		2,436		-		2,436
Other		435		125		310		-		435
Fair valued on a non-recurring basis:
Individually evaluated loans	$	2,562	$	-	$	-	$	2,562	$	2,562
Other real estate owned		873		-		-		873		873